Publisher Tom Allon is dropping out of the Republican race for mayor after leading a management buyout of biweekly political newspaper City & State and related Capital Publishing properties from Manhattan Media.
As part of the deal, Allon resigned today as the CEO of Manhattan Media, which has been pruning its portfolio.
He is teaming with private-equity investor Steve Farbman, a one-time CEO of News Communications. Terms of the deal were not disclosed.
In addition to the print publication, Capital Publishing also distributes an e-mail newsletter known as the First Read, with about 16,000 readers.
Manhattan Media, which is owned by Isis Ventures, sold its stable of weekly Manhattan papers, including Our Town and Chelsea Clinton News, to Straus News in January.
Its portfolio still includes the Hamptons publication Dan’s Papers and the glossy magazine Avenue.
As part of the announcement, Manhattan Media’s chief operating officer, Joanne Harras, who is also an Isis Ventures director, has been tapped to replace Allon as Manhattan Media CEO.
“It is entirely fitting that Tom Allon be given the opportunity to buy out Capitol Publishing,” said Isis Ventures founder Richard Burns, who noted that Allon launched City & State in 2006.